Today’s great post of the day is from Fred Wilson titled The IPO Debate. There were no VC-backed IPOs in Q208 – the first time this has happened since 1978. The National Venture Capital Association (NVCA) is doing a big media push to get the word out about this and what it thinks is the underlying cause and ultimate impact on innovation in the United States. Fred has some great thoughts on the issue.

Beginning in 2005, Brad Feld and Jason Mendelson, managing directors at Foundry Group, wrote a long series of blog posts describing all the parts of a typical venture capital Term Sheet: a document which outlines key financial and other terms of a proposed investment...